Breaking: Reverse Mortgage cash payouts are the highest in years, but it won’t last.
There are 3 main factors that are used to calculate how much a borrower can pull out of her home on an FHA insured HECM (Home Equity Conversion Mortgage) Reverse Mortgage (RM). Age, Interest Rate, & home value. Age – at least one of the borrowers must be 62 by…
Public & Private benefits checkup program
The Federal government is constantly growing and expanding. In a 2015 Senate Judiciary Committee hearing, Chairman Chuck Grassley (R-IA) noted: “The Federal Register indicates there are over 430 departments, agencies, and sub-agencies in the federal government.” How is a retiree supposed to be aware of all of the possible programs…
How much money is left to your kids after a Reverse Mortgage?
Have you ever thought about a reverse mortgage but worried you wouldn’t leave an inheritance for your kids if you got one? If you tell one of your friends you are thinking about getting a reverse mortgage, you might hear, “Don’t do that, they will take your home.” Even trusted…
Gathering for the holidays is a great time to help loved ones
Thanksgiving, Christmas, and Hanukah are wonderful times to reconnect with family and friends that we hold so dear to us. Life gets so busy that it is easy to lose touch with those we care for the most. Teaching our kids to serve their grandparents or friends that we visit…
Breaking: Reverse Mortgage to pay even more on high value homes
The Federally insured Reverse Mortgage (RM) or the Home Equity Conversion Mortgage (HECM) has always had a cap set on the value they will accept on appraisals. For 2019 this cap has been set to $726,525. If you apply for a RM and your home was to appraise for $800,000,…
Social Security changes for 2020
The money seniors have paid into social security (SS) during a lifetime of working is significant and this monthly payment is often a cornerstone of income for retirees. For those considering a reverse mortgage or those that already have one, keeping up on these changes is crucial. There is a…
Breaking: FHA eases condo rules for Reverse Mortgages
In the past condo owners were lucky if they were one of the few condo complexes that were FHA approved; only 6 ½ % of condos are actually FHA approved (housingwire.com). I worked with an applicant in San Diego and we tried for 6 months to get her condo to…
Solutions for today’s biggest retirement challenges
By: Chris Clow The difficulty that the senior population has in finding an adequate amount of money to fund retirement is an issue that is only growing in scale, and the reverse mortgage industry needs to keep the unique hardships faced by seniors fully in mind when advising them on…
Create family experiences and a legacy with help from a Reverse Mortgage
You have spent a lifetime building your family and creating a safe home for your kids and grand-kids to enjoy together. As your family has grown and gone out into the world they may have separated from you in distance or in closeness but there are things you can do…
Condo not FHA approved? You can get a reverse mortgage now.
Condos can be a nice fit for many retirees; there is no yard to maintain, and there is usually a community pool or recreation center, sometimes the condo even sits on a golf course. Life in a condo can be relaxing and maintenance free. Often times those in condos think…
